1、Viet namS ola r i nve stme nt opportuni ti e sSu p p or t ed by:Chair of t he Solar Power Eu r op e Global Mar ket s Wor ks t r eam:P a olo T ra va gli ni,E ni P le ni tud e.Vice-Chair of t he Solar Power Eu r op e Global Mar ket s Wor ks t r eam:E d wa rd K oe ne n,ABO Wi nd.Au t hor s:Costa nza De

2、 L uc i a,Da ni e le P a la d i ni (E ne l G re e n P owe r);Ma rc o I nnoc e nti De gli (E ni S pA);Mi nh V a n N guye n(E ni V i e tna m);P a olo T ra va gli ni (E ni P le ni tud e).Cont r ibu t or s:L uc i a Od one (E ni S pA);S i lvi a P i a na,I b ti sse m H a mmi (E ne l G re e n P owe r);Brys

3、e G a b oury(Ba yWa r.e.);Be nj a mi n Cla rke (S ola rP owe r E urope).Peer r ev iewer s:Aure li e n Ch a nte lot,J e sus H urta d o,Y ung Ma i L e (I b e rd rola);R oh a n S i ngh (F i ne rgre e n);E nj a S e th re n(S c a te c);Mi c h e lle L e za ma (L i gh tsourc e b p);S h a h e e r H ussa m(C

4、le a n P owe r R e se a rc h).Coor dinat or of t he Solar Power Eu r op e Global Mar ket s Wor ks t r eam:Be nj a mi n Cla rke,S ola rP owe r E urope.Mar ket Int elligence:Mi c h a e l S c h me la,R a f f a e le R ossi,Ch ri stoph L i ts,S ola rP owe r E urope.Tex t edit ing:Be nj a mi n Cla rke,S o

5、la rP owe r E urope.Acknowledgement s:S ola rP owe r E urope would li ke to e xte nd a spe c i a l th a nks to a ll Workstre a m me mb e rs wh o c ontri b ute d th e i r knowle d ge a nd e xpe ri e nc e to th i s re port.T h i s would ne ve r h a ve b e e n possi b le wi th out th e i r c onti nue d

6、 support.Pr oject Infor mat ion:T h e S ola rP owe r E urope G lob a l Ma rke ts Workstre a m wa s la unc h e d i n Ma rc h 2018 a nd h a s si nc e th e n b e c ome a n a c ti ve worki ng group wi th more th a n 15 0 e xpe rts f rom more th a n 70 c ompa ni e s.T h e ob j e c ti ve of th e Workstre

7、a m i s to i d e nti f y opportuni ti e s f or b usi ne ss a nd c oope ra ti on a nd th e re b y c ontri b ute to th e e ne rgy tra nsi ti on i n e me rgi ng ma rke ts outsi d e E urope.Cont act:i nf osola rpowe re urope.org.Pu blis hed:N ove mb e r 2022.ISBN:97894 6 4 5 186 6 5.Dis claimer:T h i s

8、re port h a s b e e n pre pa re d b y S ola rP owe r E urope.I t i s b e i ng f urni sh e d to th e re c i pi e nts f or ge ne ra l i nf orma ti on only.N oth i ng i n i t sh ould b e i nte rpre te d a s a n of f e r or re c omme nd a ti on of a ny prod uc ts,se rvi c e s or f i na nc i a l prod uc

9、ts.T h i s re port d oe s not c onsti tute te c h ni c a l,i nve stme nt,le ga l,ta x or a ny oth e r a d vi c e.R e c i pi e nts sh ould c onsult wi th th e i r own te c h ni c a l,f i na nc i a l,le ga l,ta x or oth e r a d vi sors a s ne e d e d.T h i s re port i s b a se d on sourc e s b e li e

10、ve d to b e a c c ura te.H owe ve r,S ola rP owe r E urope d oe s not wa rra nt th e a c c ura c y or c omple te ne ss of a ny i nf orma ti on c onta i ne d i n th i s re port.S ola rP owe r E urope a ssume s no ob li ga ti on to upd a te a ny i nf orma ti on c onta i ne d h e re i n.S ola rP owe r

11、E urope wi ll not b e h e ld li a b le f or a ny d i re c t or i nd i re c t d a ma ge i nc urre d b y th e use of th e i nf orma ti on provi d e d a nd wi ll not provi d e a ny i nd e mni ti e s.Des ign:One h e mi sph e re,S we d e n,c onta c tone h e mi sph e re.se3SolarPower Europe thanks its mem

12、bers and partners that contributed to this report:Sponsor members of SolarPower Europe:S ola r i nve stme nt opportuni ti e s i n V i e tna m4For ewor d 5 1Cont ex t 6 1.1.E ne rgy ge ogra ph y 6 1.2.De mogra ph i c s 9 1.3.Ma c roe c onomi c c onte xt 9 1.4.Busi ne ss e nvi ronme nt 10 1.5.P oli ti

13、 c a l a nd soc i a l c onte xt 11 2Elect r icit y mar ket 1 2 2.1.E ne rgy se c tor ove rvi e w 12 2.2.E le c tri c i ty i nf ra struc ture 16 2.3.R e ne wa b le e ne rgy re gula tory f ra me work 16 2.4.N e w d e ve lopme nts f or sola r powe r 18 3Recommendat ions 2 1 R e f e re nc e s 24Table of

14、 cont ent sFigur e 1:G lob a l H ori zonta l I rra d i a ti on ma p of V i e tna m 7 Figur e 2:V i e tna ms e le c tri c i ty mi x i n 2021 8 Figur e 3:R a nki ng on Doi ng Busi ne ss topi c s-V i e tna m 10 Figur e 4:S h a re s of owne rsh i p of ge ne ra ti on a sse ts i n V i e tna m 2020 13 Figu

15、r e 5:T h e V i e tna me se ge ne ra ti on,tra nsmi ssi on,a nd d i stri b uti on se c tors 13 Figur e 6:V i e tna me se a nnua l sola r P V ma rke t-h i stori c a l d a ta a nd f ore c a st f or th e upc omi ng f i ve ye a rs 18 Figur e 7:P ropose d struc ture of Di re c t P P As i n V i e tna m 19

16、Lis t of Figu r esTable 1:Ma c roe c onomi c d a ta f or V i e tna m 6Lis t of TablesSo lar in ves t men t o p p o r t un it ies in Viet n am5Foreword The Solar Power Eu r op e Emer ging Mar ket s Wor ks t r eam,r ecent ly r enamed as t he Global Mar ket s Wor ks t r eam,lau nched in Mar ch 20 1 8 t

17、 o ident ify new av enu es for bu s ines s and coop er at ion globally and cont r ibu t e t o t he global ener gy t r ans it ion.Since it s cr eat ion,t he wor ks t r eam has cont inu ed t o gr ow and now comp r is es 1 5 0 ex p er t s fr om mor e t han 70 cou nt r ies,wit h a s ignificant p or t fo

18、lio of inv es t ment r ep or t s on emer ging mar ket s ar ou nd t he wor ld.In t his r ep o r t,we ar e p r o ud t o p r es en t o ur fin din gs o n s o lar in ves t men t o p p o r t un it ies in Viet n am.The r ep o r t p r o vides an o ver view o f Viet n ams bus in es s en vir o n men t,an d ma

19、jo r macr o eco n o mic t r en ds,while an alys in g is s ues r elat ed t o o n go in g r egulat o r y un cer t ain t y an d gr id co n s t r ain t s.It map s o ut t he Viet n ames e en er gy s ect o r,in cludin g t he en er gy mix;key s t akeho lder s an d develo p men t s;an d t he p o licy an d l

20、egis lat ive fr amewo r k go ver n in g r en ewable en er gy gen er at io n.The r es ear ch fin ds t hat Viet n am has s t r o n g s o lar p o t en t ial,as demo n s t r at ed by t he mas s ive in cr eas e in s o lar cap acit y bet ween 20 19-20 20.Ho wever,s o me r elevan t co n s t r ain t s s t i

21、ll r emain an d n eed t o be addr es s ed t hr o ugh mar ket r efo r m an d p o licymakin g.The r ep o r t o ut lin es r eco mmen dat io n s fo r decis io n maker s,in ves t o r s,an d develo p men t fin an ce in s t it ut io n s t o co n s ider when lo o kin g t o fully lever age Viet n ams en o r

22、mo us p o t en t ial.The Viet n am r ep o r t is t he t welft h in a s er ies o f So lar Po wer Eur o p e mar ket r ep o r t s t hat in clude:Mo zambiq ue,Sen egal,Ct e dIvo ir e,Myan mar,Kazakhs t an,In dia,Tun is ia(fir s t an d s eco n d edit io n s),Lat in Amer ica,Alger ia,an d t he Middle Eas

23、t.Thes e r ep o r t s have en abled co n s t r uct ive dis cus s io n s bet ween So lar Po wer Eur o p es member s an d key en er gy s ect o r s t akeho lder s in t he r es p ect ive co un t r ies,in cludin g p ublic an d p r ivat e s ect o r r ep r es en t at ives as well as in t er n at io n al o

24、r gan is at io n s.All t he r ep o r t s can be do wn lo aded fr o m www.s o lar p o wer eur o p e.o r g,fr ee o f char ge.In addit io n t o t he mar ket r ep o r t s,in t he p as t year,t he wo r ks t r eam has p r o duced a n umber o f in p ut p ap er s fo r t he Eur o p ean Co mmis s io n o n EU

25、en er gy dip lo macy an d t he ex t er n al dimen s io n o f t he Eur o p ean Gr een Deal.We ar e als o co o p er at in g wit h t he In t er n at io n al Ren ewable En er gy Agen cy(IRENA),t he In t er n at io n al So lar Allian ce,t he Glo bal So lar Co un cil,an d co o p er at io n p r o gr ammes

26、s uch as GET.in ves t t o s up p o r t t he s cale-up o f s o lar en er gy in emer gin g mar ket s.If yo u wo uld like t o be p ar t o f o ur act ivit ies,dis co ver n ew s o lar bus in es s o p p o r t un it ies,an d have a s ay in s hap in g EU glo bal p o licy,jo in So lar Po wer Eur o p es Glo b

27、al Mar ket s Wo r ks t r eam.PAOLO TRAVAGLINI Head o f Ar ea Co o r din at io n Ren ewables,Afr ica,As ia,Ocean ia En i Plen it ude Chair o f t he So lar Po wer Eur o p e Glo bal Mar ket s Wo r ks t r eam WALBURGA HEMETSBERGER Chief Ex ecut ive Officer,So lar Po wer Eur o p eCont ex t11.1.Ener gy ge

28、ogr ap hy V i e tna m i s a long,na rrow c ountry loc a te d i n S outh e a st Asi a on th e e a ste rn e d ge of th e I nd oc h i ne se pe ni nsula.I t i s b ord e re d on i ts we ste rn si d e b y L a os a nd Ca mb od i a,i n th e N orth b y Ch i na,a nd b y th e E a st S e a to i ts E a st.V i e

29、tna m i s a me mb e r of AS E AN,Assoc i a ti on of S outh e a st Asi a n N a ti ons,a nd one of th e re gi ons ma i n e ne rgy pla ye rs.I n 2020,V i e tna m h a d a tota l i nsta lle d e ne rgy c a pa c i ty of 6 9.3 G W,i nc lud i ng 21.6 G W of c oa l,20.8 G W of h yd ro,8.9 G W of ga s a nd oi

30、l,16.7 G W of sola r,0.5 G W of wi nd,a nd 0.3 G W of b i oma ss(E V N Annua l R e port,2021).I n 2021 th e c ountry i nsta lle d a d d i ti ona l 3.6 G W of wi nd a nd 0.7 G W of h yd ro f or a tota l re ne wa b le i nsta lle d c a pa c i ty of 4 2.7 G W(I R E N A,2022),wh i c h ma ke s V i e tna m

31、 th e le a d e r i n re ne wa b le e ne rgy(R E)a mong AS E AN me mb e r sta te s.T h e gre a te st sola r pote nti a l c a n b e f ound i n th e S outh of th e c ountry,wh e re th e a ve ra ge ye a rly i rra d i a nc e c a n re a c h a s h i gh a s 2,04 5 kWh/m2.I n th e N orth th e a ve ra ge ye a

32、 rly i rra d i a nc e i s lowe r b ut sti ll d e monstra te s good pote nti a l,ra ngi ng f rom 1,16 8-1,6 07 kWh/m2.S ola r powe r pla nt,P h uoc Di nh,N i nh P h uoc,N i nh T h ua n,V i e tna m.S h utte rstoc k/N guye n Qua ng N goc T onki nS ola r i nve stme nt opportuni ti e s i n V i e tna m6SO

33、URCE:World Ba nk G roup,2019,2020,2021.Official lan guages V i e tna me se Cap ital H a noi Cur r en cy V i e tna me se Dong Sur face ar ea 3 3 1,23 0 km2 Po p ulatio n (2021)98,16 8,829 Po p ulatio n den s ity 3 14 pe rson/km2 GDP(2021)U S$3 6 2.6 4 b i lli on GDP p er cap ita(2021)U S$3,6 94 GDP g

34、r o wth(2021)2.6%Liter acy r ate(201 9)96%In ter n et co n n ectio n s (2020)70%of popula ti on Mo bile p ho n e co n n ectio n s (2020)14 3 sub sc ri pti ons pe r 100 pe ople TABLE 1 MACROE CONOMI C DAT A F OR V I E T NAM So lar in ves t men t o p p o r t un it ies in Viet n am7SOURCE:So lar Gis 20

35、 22.FIGURE 1 IRRADIANCE MAP OF VIETNAMS ola r i nve stme nt opportuni ti e s i n V i e tna m8H yd ropowe r h a s b e e n a c orne rstone of V i e tna ms e c onomi c d e ve lopme nt si nc e 196 4,wi th th e f i rst ma j or h yd roe le c tri c powe r pla nt,th e 108 MW T h a c Ba h yd roe le c tri c p

36、owe r pla nt,b ui lt wi th support f rom th e S ovi e t U ni on.Curre ntly,th e tota l a mount of h yd ropowe r i nsta lle d i n V i e tna m sta nd s a t 20.8 G W(E V N,2021).H owe ve r,th e pote nti a l f or f urth e r h yd ropowe r e xpa nsi on i s li mi te d.Bi oma ss i n th e f orm of wood,b a g

37、a sse,ri c e h usks or stra w i s c ommonly use d i n h ouse h old s a nd i nd ustry.V i e tna m h a s th e te c h ni c a l pote nti a l to prod uc e 7 G W of powe r f rom b i oma ss re sourc e s a nd a f urth e r 1.5 G W f rom soli d wa ste.H owe ve r,c urre nt prod uc ti on c a pa c i ty only sta

38、nd s a t 3 6 5 MW(E V N,2021).E ne rgy d e ma nd i s not h omoge ne ous,wi th h i gh d e ma nd i n N orth (4 5%)a nd S outh (4 7%)a nd wi th low d e ma nd i n c e ntra l re gi ons(8%),ma i nly d ue to th e loc a ti on of th e two ma i n c i ti e s:H o Ch i Mi nh Ci ty i n th e S outh (9 mi lli on i

39、nh a b i ta nts)a nd H a noi,th e c a pi ta l,i n th e N orth (5 mi lli on i nh a b i ta nts,ri si ng to a lmost 9 mi lli on wh e n i nc lud i ng th e muni c i pa li ty a nd wi d e r me tropoli ta n a re a).T h e c onc e ntra ti on of c urre nt va ri a b le R E (sola r a nd wi nd)ge ne ra ti on c a

40、pa c i ty i n th e south e rn a nd c e ntra l re gi ons gi ve s ri se to gri d c onge sti on i ssue s.As of 2020,th e north of th e c ountry h a d a n i nsta lle d c a pa c i ty of 26 G W wi th a h i gh e r c onc e ntra ti on of c oa l a nd h yd ropowe r(i nc lud i ng sma ll h yd ro)a nd a n e ne rg

41、y d e ma nd of 94 T Wh.I n th e Ce ntra l pa rt of th e c ountry th e re wa s a n i nsta lle d c a pa c i ty of 13 G W wi th a h i gh e r c onc e ntra ti on of sola r a nd wi nd e ne rgy a nd a n e ne rgy d e ma nd of 19 T Wh.I n th e S outh,th e i nsta lle d c a pa c i ty wa s 3 0 G W wi th a h i g

42、h e r c onc e ntra ti on of sola r,h yd ropowe r,c oa l,a nd d e ma nd wa s 103 T Wh.G ri d i nf ra struc ture wi ll pla y a pi vota l role i n th e d e ve lopme nt of a susta i na b le e ne rgy syste m i n V i e tna m a nd re a c h i ng th e c ountrys ta rge t of ne t-ze ro e mi ssi ons b y 205 0.T

43、 h e le ve l of tra nsmi ssi on-d i stri b uti on losse s h a s d e c re a se d f rom a lmost 10%i n 2010 to a round 7%i n 2020.V i e tna m h a s i nte rc onne c ti ons wi th i ts th re e ne i gh b ouri ng c ountri e s(L a o P DR,Ch i na,a nd Ca mb od i a),a nd i s a ne t e le c tri c i ty i mporte

44、r;i n 2020 ne t e le c tri c i ty i mports a mounte d to a round 1.5 T Wh (E V N,2021).I n th e la st 20 ye a rs i nd ustri a li sa ti on a nd rob ust e c onomi c growth h a ve push e d powe r d e ma nd,wh i c h i nc re a se d b y 23 4 T Wh b e twe e n 2000 a nd 2021(f rom 23 to 25 7 T Wh).I n th e

45、pe ri od f rom 2010 to 2020,th e a ve ra ge a nnua l d e ma nd growth wa s a round 12%(Wood Ma c ke nzi e,2022).E ve n d uri ng th e CO V I D-19 pa nd e mi c,e le c tri c i ty d e ma nd c onti nue d to grow,e ve n i f a t a slowe r pa c e th a n pre vi ously.I n 2021 powe r d e ma nd gre w b y 3.9%c

46、 ompa re d to th e ye a r b e f ore,wh i le i n 2019 i t gre w b y a lmost 10%ye a r on ye a r.T h e ma i n i mpa c t of CO V I D-19 on th e powe r syste m wa s a sh i f t of th e e le c tri c i ty d e ma nd f rom th e c omme rc i a l a nd i nd ustri a l se c tor to th e re si d e nti a l one.De ma

47、nd i s f ore c a ste d to grow b y 6.4%pe r ye a r b y 203 0(Wood Ma c ke nzi e,2022).1 Cont ex t /c onti nue dSOURCE:R i tc h i e,R ose r,a nd R osa ld o,pub li sh e d on OurWorld I nDa ta.org,2021.FIGURE 2 V I E T NAMS E L E CT R I CI T Y MI X I N 2021Solar:25.77 TWh,10.53%Wind:2.39 TWh,0.98%Hydro

48、power:75.9 TWh,31.01%Other renewables,including bioenergy:0.16 TWh,0.07%Coal:114.12 TWh,46.62%Oil:0.21 TWh,0.09%Gas:26.22 TWh,10.71%S ola r i nve stme nt opportuni ti e s i n V i e tna m9T h e ma i n powe r c onsume r i s i nd ustry wi th 5 5%,f ollowe d b y th e re si d e nti a l se c tor,wh i c h

49、a c c ounts f or 3 2%.T h e c omme rc i a l se c tor ma ke s up only 6%of powe r d e ma nd,a nd th e re ma i ni ng 7%i s spli t b e twe e n a gri c ultura l a nd oth e r sma lle r a re a s.1.2.Demogr ap hics V i e tna m h a s a popula ti on of 98.8 mi lli on pe ople (2022),wi th a growth tre nd of 0

50、.9%pe r ye a r a nd one of th e h i gh e st popula ti on d e nsi ti e s i n th e world.T h e popula ti on i s c onc e ntra te d a long th e E a st S e a a nd G ulf of T onki n,wi th th e Me kong De lta a nd th e R e d R i ve r De lta h a vi ng th e la rge st c onc e ntra ti ons of pe ople.T h e most

51、 popula te d c i ti e s a re H o Ch i Mi nh Ci ty(8.8 mi lli on),H a noi (4.9 mi lli on),Ca n T h o(1.7 mi lli on),a nd H a i P h ong(1.3 mi lli on).V i e tna m h a s a young popula ti on,wi th 5 0%of th e popula ti on b e twe e n 25 a nd 5 4 ye a rs.I n th e la st 3 0 ye a rs,h e a lth outc ome s h

52、 a ve i mprove d a nd li vi ng sta nd a rd s h a ve ri se n.L i f e e xpe c ta nc y rose f rom 70.5 to 75.4 ye a rs b e twe e n 1990 a nd 2020(World Ba nk),th e h i gh e st i n th e re gi on f or c ountri e s a t a si mi la r i nc ome le ve l.1.3.Macr oeconomic cont ex t S i nc e 1990,V i e tna m h

53、a s se e n a n i mpre ssi ve e c onomi c growth.T h e c ountry gre w ra pi d ly f rom a low-to mi d d le-i nc ome e c onomy th a nks to th e e c onomi c a nd poli ti c a l re f orms“i Mi”la unc h e d i n 1986 b y th e V i e tna me se gove rnme nt.O ve r th i s pe ri od,th e c ountry und e rwe nt a s

54、truc tura l tra nsi ti on f rom a c e ntra lly pla nne d,a gra ri a n e c onomy to a c ontrolle d ma rke t d ri ve n e c onomy b a se d on ma nuf a c turi ng a nd i nd ustry.S usta i ne d b y th e i Mi re f orms,V i e tna ms G DP h a s se e n a n i mpre ssi ve a ve ra ge a nnua l growth of 6.2%b e t

55、we e n 2000 a nd 2021,wi th th e c ountrys G DP re a c h i ng U S$3 6 2.6 4 b i lli on i n 2021(World Ba nk).T h e V i e tna me se e c onomy h a s a lso sh own a re ma rka b le re si li e nc e d uri ng th e CO V I D-19 pa nd e mi c:wi th G DP growi ng 2.9%i n 2020.De spi te a se ve re CO V I D-19 ou

56、tb re a k i n Apri l 2021,G DP i nc re a se d b y 2.6%th a t ye a r,a nd growth ra te s a re e xpe c te d to a c c e le ra te to 5.5%i n 2022.I n a c onte xt of U S-Ch i na tra d e d i spute s a nd glob a l supply c h a i n d i srupti ons d ue to th e pa nd e mi c,V i e tna m h a s ma i nta i ne d s

57、trong pe rf orma nc e i n e xport-ori e nte d ma nuf a c turi ng.T h i s h a s ma d e th e c ountry a n a ttra c ti ve pla c e f or f ore i gn d i re c t i nve stme nts(F DI),a nd a n a lte rna ti ve to Ch i na,b e c omi ng a le a d i ng ma nuf a c turi ng a nd proc e ssi ng h ub a mong AS E AN e c

58、onomi e s.T h e ma nuf a c turi ng se c tor i s th e ma i n d ri ve r of th e c ountrys e c onomi c growth.T h e va lue a d d e d b y th e i nd ustri a l se c tor h a s grown i mpre ssi ve ly i n th e la st 3 0 ye a rs,goi ng f rom U S$1.5 b i lli on i n 1990 to U S$91.4 b i lli on i n 2020,re pre s

59、e nti ng now 3 3.7%of th e G DP a nd e mployi ng 27%of th e tota l e mploye d popula ti on.Agri c ulture,f ore stry,a nd f i sh i ng sa w a si mi la r e voluti on i n a b solute te rms goi ng f rom U S$2.5 b i lli on of a d d e d va lue i n 1990 to U S$4 0.2 b i lli on i n 2020.H owe ve r,th e se c

60、tors i mporta nc e f or th e e c onomy a nd e mployme nt h a s d e c li ne d f rom provi d i ng 3 8.7%of th e c ountrys G DP i n 1990 to j ust 15%i n 2020,a nd f rom provi d i ng 70%of na ti ona l e mployme nt to 3 7%i n th e sa me pe ri od.T h e se rvi c e s se c tor h a s se e n mod e ra te growth

61、 b e twe e n 1990(3 8%of G DP)a nd 2020(4 1.6%of G DP).T h e e mployme nt ra te of th e se c tor h a s i nc re a se d i n th e sa me pe ri od f rom 19%to 3 5%.T h e une mployme nt ra te h a s i nc re a se d sli gh tly,f rom 1%i n 2011 to 2.4%i n 2020(World Ba nk).T h e i mpre ssi ve e c onomi c grow

62、th of th e c ountry h a s i ne vi ta b ly le d to a n i nc re a se of CO2 e mi ssi ons f rom 18 mi lli on tons i n 1990 to 25 8 mi lli on tons i n 2018.V i e tna m h a s th e goa l of b e c omi ng a h i gh-i nc ome c ountry b y 204 5 a nd d oi ng so would re q ui re a 5%a nnua l growth i n G DP pe r

63、 c a pi ta ove r th e ne xt 25 ye a rs.T wo i ssue s th a t re q ui re ta c kli ng to e nsure th e c ountrys susta i na b le growth a re c li ma te c h a nge a nd e nvi ronme nta l d e gra d a ti on,wh i c h,d ue to V i e tna ms pe c uli a r ge ogra ph y,re pre se nt ke y th re a ts to i ts e c onom

64、y.More th a n h a lf of th e popula ti on li ve s i n a re a s e xpose d to ri ve r a nd c oa sta l f lood i ng wh i le vulne ra b i li ty to tropi c a l c yc lone s i s a lso h i gh.Cli ma te c h a nge i s li ke ly to e xa c e rb a te oc c urre nc e s of e xtre me we a th e r,f urth e r e nd a nge

65、ri ng popula ti ons a nd i nd ustry i n th e se a re a s.T h e na ti ona l c urre nc y i s th e V i e tna me se Dong(V N D),wh i c h h a s a lwa ys re c ord e d a d e pre c i a ti on tre nd a ga i nst th e U S d olla r.One U S d olla r c orre spond e d to a round 6,5 00 ng i n 1990 a nd to 23,200 ng

66、 i n 2020.T h e a ve ra ge ye a rly d e pre c i a ti on ra te i n th e sa me pe ri od wa s 4.7%(World Ba nk).S ola r i nve stme nt opportuni ti e s i n V i e tna m101.4.Bu s ines s env ir onment T h e World Ba nks“Doi ng b usi ne ss 2020”re port ra nke d V i e tna m 70th out of 190 e c onomi e s,a n

67、 i mprove me nt f rom 90th posi ti on i n 2010.T h e ove ra ll a sse ssme nt sh ows c le a r spa c e f or i mprove me nt i n f our sub-i nd i c a tors:sta rti ng a b usi ne ss,pa yi ng ta xe s,tra d i ng a c ross b ord e rs,a nd re solvi ng i nsolve nc y.De spi te V i e tna ms h i gh sc ore f or ge

68、tti ng c re d i t(25/190 c ountri e s prof i le d),th e si tua ti on i s ra th e r d i f f e re nt i n th e e ne rgy se c tor.H e re i t i s d i f f i c ult to ob ta i n c re d i t,e spe c i a lly f rom i nte rna ti ona l b a nks.T h e prob le m ste ms f rom th e re q ui re me nts of b a nks i n te

69、rms of gua ra nte e s,e spe c i a lly i n th e e ne rgy se c tor wh e re P P As h a ve pre vi ously not b e e n b a nka b le.I n V i e tna m,b usi ne sse s only f i na nc e 1/3 of th e i r i nve stme nt ne e d s th rough b a nki ng c re d i t.V i e tna m h a s se e n a re ma rka b le i nc re a se i

70、n F DI wi th ste e p ye a r on ye a r growth si nc e 2000,ri si ng f rom le ss th a n U S$2 b i lli on to U S$14 b i lli on b y 2019.T h e re i s no li mi ta ti on on f ore i gn owne rsh i p i n th e re ne wa b le e ne rgy se c tor.T h e re f ore,f ore i gn i nve stors c a n own up to 100%of e q ui

71、ty i n powe r proj e c ts i n V i e tna m.I n th e e ne rgy se c tor,i nte rna ti ona l b a nks a nd i nte rna ti ona l d e ve lope rs h a ve pla ye d a re la ti ve ly li mi te d role,gi ve n b a nka b i li ty c onc e rns a round P owe r P urc h a se Agre e me nts(P P As)th a t d ome sti c (a nd som

72、e re gi ona l)b a nks a re more wi lli ng to a c c e pt.T h e re a re se ve ra l sc h e me s a i me d a t a ttra c ti ng i nve stme nt f rom f ore i gn c ompa ni e s suc h a s f i sc a l re gi me s a nd th e e xpe d i ti on of tra d e proc e d ure s.N a me ly,re ne wa b le e ne rgy proj e c ts a re

73、e xe mpte d f rom c orpora te i nc ome ta x f or th e f i rst f our ye a rs of a c ti vi ty,a nd th e y re c e i ve a 5 0%re d uc ti on f or th e f ollowi ng ni ne ye a rs,a pre f e rre d ta x ra te of 10%f or th e f i rst 15 ye a rs(i nste a d of 20%),a nd a n a c c e le ra te d d e pre c i a ti on

74、 ra te.1 Cont ex t /c onti nue dSOURCE:World Ba nk 2020.F or e a c h c a te gory 1 i s th e h i gh e st ra nk wi th 190 b e i ng th e lowe st.FIGURE 3 R ANK I NG ON DOI NG BUS I NE S S T OP I CS -V I E T NAMStarting abusinessDealing withconstruction permitsGettingelectricityRegisteringpropertyGettin

75、gcreditProtectingminorityinvestorsPayingtexesTradingacrossbordersEnforcingcontractsResolvinginsolvency97S ola r i nve stme nt opportuni ti e s i n V i e tna m11P ri va te owne rsh i p of la nd i s not pe rmi tte d.F ore i gn i nve stors c a n ob ta i n a “L a nd U se R i gh t”b

76、 y wa y of a J oi nt V e nture wi th a loc a l pa rtne r or a la nd le a se f rom th e S ta te.R e ne wa b le e ne rgy proj e c ts a re a lso e xe mpte d f rom la nd le a se f e e s f or a pe ri od ra ngi ng f rom 14 ye a rs to th e e nti re proj e c t li f e,d e pe nd i ng on th e loc a ti on.T h e

77、 i nve stme nt e nvi ronme nt c a n b e c onsi d e re d sta b le.H owe ve r,th e re i s ongoi ng unc e rta i nty surround i ng th e f uture re gula tory f ra me work f or support f or re ne wa b le s.Dra f ts of th e P owe r De ve lopme nt P la n 8(P DP 8)i nd i c a te th a t a n a uc ti on syste m

78、f or f uture d e ve lopme nts i s a li ke ly opti on.P ub li c f i na nc e s a re ti gh tly c ontrolle d b y th e N a ti ona l Asse mb ly a nd pub li c d e b t c a nnot e xc e e d 6 5%of G DP.T h i s c a p a lso li mi ts th e gove rnme nts c a pa c i ty to f i na nc e i nf ra struc ture d e ve lopme

79、 nt.T h e pub li c d e b t li mi t wa s a lmost re a c h e d i n 2016,b ut si nc e th e n,th a nks to th e gove rnme nts f i sc a l poli c i e s,pub li c d e b t h a s d e c re a se d,re a c h i ng 5 9%i n 2021.F urth e rmore,si nc e V i e tna m wa s c la ssi f i e d a s a lower middle-income cou nt

80、 ry i n 2010,i t c a n no longe r b e ne f i t f rom pre f e re nti a l loa ns f rom th e World Ba nk a nd th e Asi a n De ve lopme nt Ba nk.H owe ve r,i t c onti nue s to d o so f rom sma lle r i nsti tuti ons li ke Age nc e F ra na i se d e Dve loppe me nt a nd K f W.I n th i s c onte xt,V i e tna

81、 m ne e d s pri va te i nve stme nt to d ri ve e c onomi c growth.1.5.Polit ical and s ocial cont ex t V i e tna m i s a one-pa rty S oc i a li st R e pub li c le d b y th e Communi st P a rty of V i e tna m(CP V).V i e tna m c onsi sts of 5 8 provi nc e s a nd f i ve c i ti e s,c a lle d muni c i p

82、a li ti e s:H a noi (th e c a pi ta l),H o Ch i Mi nh Ci ty,H a i P h ong,Da N a ng,a nd Ca n T h o.T h e Communi st P a rty h old s na ti ona l c ongre sse s e ve ry f i ve ye a rs.At th e c ongre sse s,d e le ga te s se t th e ge ne ra l d i re c ti on of th e pa rty a nd gove rnme nt a nd e le c

83、t th e ne xt G e ne ra l S e c re ta ry.De le ga te s to th e P a rtys N a ti ona l Congre sse s a lso e le c t th e Ce ntra l Commi tte e.T h e ma i n b od i e s of V i e tna ms poli ti c a l syste m a re:T h e Natio n al As s embly i s th e h i gh e st re pre se nta ti ve orga n of th e pe ople;i

84、t e xe rc i se s th re e ma i n f unc ti ons:le gi sla ti ng,d e c i d i ng on i mporta nt na ti ona l i ssue s a nd e xe rc i si ng supre me c ontrol of a ll sta te a c ti vi ti e s.T h e Pr es iden t i s e le c te d b y th e N a ti ona l Asse mb ly to re pre se nt th e R e pub li c i n i nte rna l

85、 a nd e xte rna l a f f a i rs f or a f i ve-ye a r te rm.T h e P re si d e nts powe rs c ome f rom th e Consti tuti on a nd i nc lud e promulga ti ng th e Consti tuti on,la ws a nd ord i na nc e s;c omma nd i ng th e a rme d f orc e s;pre si d i ng ove r th e N a ti ona l De f e nse a nd S e c uri

86、ty Counc i l a nd a ppoi nti ng,or d i smi ssi ng th e V i c e-pre si d e nt,P ri me Mi ni ste r a nd S upre me c ourt.T h e Go ver n men t i s th e h i gh e st orga n of th e sta te a d mi ni stra ti on.I t a d mi ni ste rs poli ti c s,e c onomi c s,c ulture,soc i e ty,na ti ona l d e f e nc e a nd

87、 se c uri ty a nd e nsure s th a t la ws a re re spe c te d a nd e nf orc e d f or th e i mprove me nt of pe ople s li ve s.T h e Sup r eme Peo p le s Co ur t i s th e h i gh e st j ud i c i a l orga n.I t ge ne ra lly d i re c ts th e j ud i c i a l work of loc a l P e ople s Courts,Mi li ta ry T r

88、i b una ls,S pe c i a l T ri b una ls,a nd oth e r tri b una ls.I n re c e nt d e c a d e s V i e tna m h a s ope ne d e xte rna l re la ti ons wi th f ore i gn c ountri e s a nd h a s j oi ne d th e most i mporta nt i nte rna ti ona l orga ni sa ti ons.I n 1977 V i e tna m b e c a me me mb e r of t

89、h e U ni te d N a ti ons.I n 1995,V i e tna m b e c a me a n of f i c i a l me mb e r of AS E AN (Assoc i a ti on of S outh e a st Asi a n N a ti ons),a nd i t si gne d a d e c la ra ti on of c oope ra ti on wi th th e E urope a n U ni on.F i na lly,i n 2007 V i e tna m j oi ne d th e World T ra d e

90、 Orga ni sa ti on(WT O)a nd sta rte d d e a li ng wi th th e i nte rna ti ona l rule s of tra d e.I n 2019,V i e tna m si gne d a F re e T ra d e Agre e me nt wi th th e E U,th e most c ompre h e nsi ve tra d e a gre e me nt th e E U h a s c onc lud e d wi th a mi d d le-i nc ome c ountry so f a r.I

91、 n De c e mb e r 2021,V i e t N a m c omple te d i ts role a s a non-pe rma ne nt me mb e r of th e U ni te d N a ti ons S e c uri ty Counc i l f or th e 2020-2021 te rm.V i e tna m h a s a lso supporte d th e U N s P e a c e ke e pi ng Ope ra ti ons wi th 29 mi ssi ons to S outh S ud a n a nd th e

92、Ce ntra l Af ri c a n R e pub li c si nc e 2014.Elect r icit y mar ket22.1.Ener gy s ect or ov er v iew V i e tna ms e ne rgy se c tor i s gove rne d b y th e Min is tr y o f In dus tr y an d Tr ade(Mo IT)a nd d omi na te d b y la rge S ta te-owne d E nte rpri se s(S oE s),suc h a s E le c tri c i t

93、y V i e tna m(E V N),V I N ACOMI N (c oa l mi ni ng a nd tra d e),th e V i e tna m O i l a nd G a s G roup(P e troV i e tna m,or P V N)a nd th e V i e tna m P e trole um G roup(P e troli me x),wh i c h a lso re port to th e G ove rnme nt th rough th e Commi tte e f or Ma na ge me nt of S ta te Ca pi

94、 ta l a t E nte rpri se s(CMS C).T h i s c ommi tte e wa s e sta b li sh e d i n la te 2018 i n a c c ord a nc e wi th th e L a w on I nve stme nt a nd Busi ne ss f or S ta te Ca pi ta l wi th th e a i m of i nte gra ti ng sta te owne rsh i p f unc ti ons of th e gove rnme nt,li ne mi ni stri e s a

95、nd provi nc i a l c ommi tte e s.Wi th re ga rd to oi l a nd ga s proj e c ts i nvolvi ng P V N,th e role of CMS C h a s c h a nge d f rom a n a pprova l a uth ori ty(wi th re ga rd to usi ng sta te f und s)to provi d i ng c omme nts a nd opi ni ons to MoI T,i n th e a me nd e d P e trole um L a w,p

96、a sse d b y th e N a ti ona l Asse mb ly on 14 N ove mb e r 2022.S oE s j oi ntly c ontrol most of th e powe r ge ne ra ti on c a pa c i ty a nd d i stri b uti on ne twork,a s we ll a s c oa l mi ni ng,i mport,e xport a nd d i stri b uti on,a nd oi l a nd ga s e xplora ti on,re f i ne me nt,i mport,

97、e xport,a nd prod uc t d i stri b uti on.S oE s h a ve pla ye d a c e ntra l role i n na ti ona l d e ve lopme nt,tra nsport,a nd i nd ustry.S ome of th e i r prof i ts a re tra nsf e rre d to th e S ta te a s re ve nue,so th e y a lso support th e a c ti vi ti e s of th e c e ntra l G ove rnme nt.M

98、ost poli c i e s i n V i e tna m a re se t a nd i mple me nte d i n a top-d own ma nne r,b y th e G ove rnme nt(th e Communi st P a rty se ts ove ra ll poli c y d i re c ti ons).T h e Natio n al As s embly moni tors th e e xe c uti ve a nd a d opts la ws th a t a re ulti ma te ly a gre e d to b y th

99、 e P re si d e nt.Core e ne rgy poli c y q ue sti ons a re d e b a te d i n th e N a ti ona l Asse mb ly.T h e Min is tr y o f Fin an ce(Mo F)an d Min is tr y o f Plan n in g an d In ves tmen t(MPI)a re a lso i nvolve d,wi th poli c i e s th e n b e i ng d e ve lope d b y MoI T.MoI T i s a ssi ste d

100、 b y th e Electr icity Regulato r y Autho r ity o f Vietn am(ERAV)i n d e ve lopi ng re gula ti ons on th e ope ra ti on of a c ompe ti ti ve powe r ma rke t a nd d e si gni ng th e i mple me nta ti on roa d ma p.E R AV a lso e sta b li sh e s ta ri f f se tti ng pri nc i ple s,i nc lud i ng tra nsf

101、 e r pri c i ng b e twe e n se c tor e nti ti e s,a nd d e ve lops ta ri f f s f or re gula te d a c ti vi ti e s a nd purc h a se a gre e me nts f or th e S i ngle Buye r.E R AV moni tors th e i mple me nta ti on of i nve stme nt pla ns f or ge ne ra ti on,tra nsmi ssi on,d i stri b uti on,a nd th

102、e i r c ompli a nc e wi th th e P owe r De ve lopme nt P la ns.E R AV i s und e r th e j uri sd i c ti on of MoI T a nd f ully f i na nc e d b y th e gove rnme nt.T h e Electr icity an d Ren ewable En er gy Autho r ity(EREA),a lso und e r th e j uri sd i c ti on of MoI T,a d vi se s on e le c tri c

103、i ty a nd re ne wa b le e ne rgy a nd d e si gns re ne wa b le e ne rgy support me c h a ni sms i nc lud i ng F e e d-i n-T a ri f f s.Mar ket s tr uctur e Alth ough th e i nte nti on of th e G ove rnme nt i s to e sta b li sh a c ompe ti ti ve ma rke t-d ri ve n e nvi ronme nt,th e powe r se c tor

104、i n V i e tna m i s sti ll h e a vi ly sta te-d omi na te d with Vietn am Electr icity(EVN)-th e sta te-owne d uti li ty monopoli si ng th e re ta i l a nd tra nsmi ssi on se c tors.T h e gen er atio n s ecto r i s ma i nly pub li c:a lmost 6 0%of th e tota l i nsta lle d c a pa c i ty i s owne d b

105、y E V Ns ge ne ra ti on c ompa ni e s(G e nc os)a nd oth e r S ta te-owne d E nte rpri se s(S oE s),suc h a s V I N ACOMI N a nd P V N.T h e re ma i ni ng ge ne ra ti on c a pa c i ty i s owne d b y d ome sti c a nd f ore i gn I nd e pe nd e nt P owe r P rod uc e rs(I P P s).T h e y se ll th e i r e

106、 le c tri c i ty to th e E le c tri c i ty P owe r S ola r i nve stme nt opportuni ti e s i n V i e tna m12S ola r powe r pla nt,X ua n T h o,S ong Ca u,P h u Y e n,V i e tna m.S h utte rstoc k/N guye n Qua ng N goc T onki nS ola r i nve stme nt opportuni ti e s i n V i e tna m13wh i c h h a s a mon

107、opoly ove r th e tr an s mis s io n s ecto r e ve n th ough th e V i e tna me se gove rnme nt i s tryi ng to ope n th e se c tor to pri va te i nve stme nt.T h e dis tr ibutio n an d r etail s ecto r s a re c ontrolle d b y E V N a s we ll,a s i ts f i ve Di stri b uti on Compa ni e s a re re sponsi

108、 b le f or supplyi ng powe r loc a lly a nd ma i nta i ni ng th e d i stri b uti on gri d up to 110 kV a c ross f i ve re gi ons of th e c ountry(N orth,Ce ntra l,S outh,H a noi,a nd H o Ch i Mi nh Ci ty).T ra d i ng Compa ny(E P T C),th e of f ta ke r owne d b y E V N,th rough th e Wh ole sa le E l

109、e c tri c i ty Ma rke t,or b y si gni ng long-te rm P owe r P urc h a se Agre e me nts.S i nc e 2019,th e ma rke t h a s a lso b e e n ope n to wh ole sa le rs(e nti ti e s c onne c te d a t tra nsmi ssi on volta ge le ve ls),wh i c h a re now a llowe d to c ontra c t d i re c tly wi th ge ne ra tor

110、s.T h e N a ti ona l P owe r T ra nsmi ssi on Corpora ti on(N P T)i s re sponsi b le f or ma na gi ng th e tra nsmi ssi on gri d wh i le th e N a ti ona l L oa d Di spa tc h Ce ntre (N L DC)i s th e syste m ope ra tor.Both c ompa ni e s a re owne d b y E V N,SOURCE:E V N Annua l R e port,2021.FIGURE

111、 4 S HAR E S OF OWNE R S HI P OF GE NE R AT I ON AS S E T S I N V I E T NAM 2020EVN:11,883 MW,17.1%GENCO 1:6,979 MW,10.1%GENCO 2:4,421 MW,6.4%GENCO 3:6,230 MW,9%BOT and other investors:39,784 MW,57.4%SOURCE:E ne l i nte rna l a na lysi s.FIGURE 5 T HE V I E T NAME S E GE NE R AT I ON,T R ANS MI S S

112、I ON,AND DI S T R I BU T I ON S E CT OR Sgenerationcontractstransmissiondistribution/retailclientsPPAs with EVNNPT3(National PowerTransmission-TSO)managed by NationalLoad Dispatch Centre4(Subsidiary of EVN)Five Regional PublicDISCOMs(95%)Northern,Central,Hanoi City,Ho ChiMinh City PowerCorporations(

113、All under EVN)+8,000 privateretailers(Cooperatives+industrial parks)Final ClientsEVNVietnam Electricity1+state owned companies2(59%ofinstalled capacity)Wholesale ElectricityMarket(VWEM)Electric Power TradingCompany,EPTC(Under EVN)acting as single buyerIPPs35%of generating fleetprivatepublic30MWS ola

114、 r i nve stme nt opportuni ti e s i n V i e tna m142 Elect r icit y mar ket /c onti nue dElectr icity mar ket r efo r m T h e c urre nt struc ture of th e ma rke t i s th e re sult of a re struc turi ng proc e ss th a t sta rte d wi th th e E le c tri c i ty L a w i ssue d i n 2005 a nd i s sti ll o

115、ngoi ng.T h e i ni ti a l goa l of th e E le c tri c i ty L a w wa s to c re a te tra nspa re nc y a nd i nc re a se e c onomi c e f f i c i e nc y a nd c ompe ti ti on.S i nc e th e n,th e c ountry h a s e na c te d a se ri e s of re f orms to li b e ra li se th e ma rke t b y,f or i nsta nc e,e st

116、a b li sh i ng th e E P T C,re f ormi ng th e ta ri f f struc ture,a nd se pa ra ti ng E V N s ge ne ra ti on b usi ne ss i nto th re e ge ne ra ti on a rms.R e f orms c a n b e d i vi d e d i nto th re e ph a se s:1.T h e f i rst ph a se of th e ma rke t re f orm b e ga n i n 2012,wh e n th e V i e

117、 tna m Compe ti ti ve G e ne ra ti on Ma rke t(V CG M)sta rte d to ope ra te,wi th ge ne ra tors se lli ng e le c tri c i ty to th e si ngle b uye r,E P T C,th rough a c ost-b a se d d a y-a h e a d e le c tri c i ty ma rke t.2.T h e se c ond (a nd c urre nt)ph a se b e ga n i n 2019,wh e n th e Com

118、pe ti ti ve Wh ole sa le Ma rke t b e c a me ope ra ti ona l.At th i s sta ge,wh ole sa le rs c a n pa rti c i pa te i n th e ma rke t,c ontra c ti ng d i re c tly wi th ge ne ra tors,a nd P owe r Compa ni e s purc h a se pa rt of th e e le c tri c i ty a t th e spot pri c e a nd th e re st f rom E

119、V N.3.T h e G ove rnme nt pla ns to move f rom a syste m of ma rgi na l pri c i ng to loc a ti ona l ma rgi na l pri c i ng a nd to c h a nge th e b i d d i ng rule s.T h e tra d i ng a nd d i spa tc h i nte rva ls wi ll b e 3 0 mi nute s.T h e la st ph a se of th e re f orm wi ll se e th e c re a t

120、i on of th e V i e tna m R e ta i l E le c tri c i ty Ma rke t(V R E M),d i stri b uti on c ompa ny a c ti vi ti e s wi ll spli t i nto ne twork ma na ge me nt-ope ra ti on a nd re ta i li ng;e nd use rs wi ll b e f re e to c h oose th e i r suppli e r.Ac c ord i ng to th e ori gi na l pla n of MoI

121、T,th i s sta ge wa s e xpe c te d to sta rt i n 2023,b ut th e i mple me nta ti on of th e re f orm i s e xpe ri e nc i ng d e la ys.Po wer Develo p men t Plan T h e na ti ona l P owe r De ve lopme nt P la n(P DP)i s th e most i mporta nt stra te gy d oc ume nt f or th e e ne rgy se c tor,outli ni n

122、g c a pa c i ty a d d i ti ons f or a ll type s of ge ne ra ti on te c h nologi e s wi th a 10-ye a r outlook a nd a re vi e w e ve ry 5 ye a rs.I t i s worth noti ng th a t th e P DP not only se ts ta rge ts i n te rms of ge ne ra ti on c a pa c i ty a d d i ti ons,b ut i t a lso outli ne s a ll th

123、 e gri d i nf ra struc ture e xpa nsi on a nd e nh a nc e me nt proj e c ts pla nne d f or th e f ollowi ng 10 ye a rs.Consi d e ri ng th e d i f f e re nt ti me-to-ma rke t,c onsi ste nc y b e twe e n ge ne ra ti on a nd tra nsmi ssi on i nf ra struc ture d e ve lopme nt i s ke y f or smooth a nd r

124、ob ust re ne wa b le e ne rgy growth.T h e P DP i s f ormula te d b y a se ri e s of a c tors:Mi ni stry of I nd ustry a nd T ra d e (MoI T):L e a d s a nd c oord i na te s th e f ormula ti on of th e pla n.Mi ni stry of F i na nc e (MoF):S e ts th e pla ns b ud ge t.Mi ni stry of N a tura l R e sou

125、rc e s a nd E nvi ronme nt(MoN R E):E va lua te s la nd use a nd ma ri ne spa ti a l pla nni ng a nd a sse sse s th e e nvi ronme nta l i mpa c ts of th e pla n.Mi ni stry of P la nni ng a nd I nve stme nt(MP I):De a ls wi th th e re gula ti ons on i nve stme nt a nd pla nni ng poli c i e s c onc e

126、rni ng powe r se c tor d e ve lopme nt.E V N:S trongly i nf lue nc e s P DP d e si gn a nd c onte nts th rough i ts opi ni ons a nd re c omme nd a ti ons.Wi th a c a sc a d e proc e ss,provi nc i a l P DP s a re f ormula te d si mi la rly to th e na ti ona l one,b ut e ve ry na ti ona l i nsti tuti

127、ona l e nti ty i s re pla c e d b y th e c orre spond i ng provi nc i a l or re gi ona l d e pa rtme nt(e.g.,provi nc i a l De pa rtme nt of I nd ustry a nd T ra d e (DoI T),De pa rtme nt of N a tura l R e sourc e s a nd E nvi ronme nt(DoN R E),De pa rtme nt of P la nni ng a nd I nve stme nt(DP I),e

128、 tc.).T h e na ti ona l P DP i s sub mi tte d b y MoI T to th e P ri me Mi ni ste r f or f i na l a pprova l,wh i le provi nc i a l P DP s a re sub mi tte d f or a pprova l b y th e DoI T to th e e xe c uti ve a rm of gove rnme nt a t provi nc i a l le ve l,th e P rovi nc i a l P e ople s Commi tte

129、e (P P C).T h e P P C th e n sub mi t th e pla ns to th e E le c tri c i ty a nd R e ne wa b le E ne rgy Auth ori ty(E R E A),und e r MoI T,wh i c h i s re sponsi b le f or a ppra i sa l of re gi ona l P DP s.Ren ewable develo p men t an d decar bo n is atio n At th e e nd of th e pre vi ous pla nni

130、 ng pe ri od (2016-2020)tota l i nsta lle d c a pa c i ty re a c h e d 6 9.4 G W,a 15.6%i nc re a se on th e tota l c a pa c i ty pla nne d b y th e R e vi se d P DP 7(6 0 G W).T h e re vi se d P DP 7 a lloc a te d 3 0.1%of th i s tota l c a pa c i ty f or h yd ropowe r,4 2.7%f or c oa l-f i re d th

131、 e rma l powe r,14.9%f or ga s-f i re d th e rma l powe r,9.9%f or re ne wa b le s,a nd 2.4%f or i mporte d powe r.T h e f i na l a mounts f rom th e re sults of P DP 7 we re some wh a t d i f f e re nt,wi th h yd ropowe r ta ki ng up a 3 0.3%sh a re of th e 6 9.4 G W of tota l i nsta lle d c a pa c

132、 i ty i n 2020,3 0.8%f or c oa l-f i re d th e rma l powe r pla nts,13.1%f or ga s,24.6%f or re ne wa b le s,a nd 0.8%f or i mporte d powe r.T h i s R E S b oom wa s d ri ve n pre d omi na ntly b y two c onse c uti ve ye a rs of sola r growth supporte d b y f e e d-i n ta ri f f s(F i T s)a nd re su

133、lti ng i n 16.7 G W of sola r,ne a rly 20 ti me s th e pla nne d 2020 ta rge t(85 0 MW).I n S ola r i nve stme nt opportuni ti e s i n V i e tna m15Worke rs on sola r powe r pla nt,N i nh T h ua n,V i e tna m.S h utte rstoc k/th e la me ph otogra ph e r pa rti c ula r,a t th e e nd of 2020,roof top

134、sola r a c c ounte d 7.8 G W wh i le uti li ty-sc a le re a c h e d 8.9 G W.Wi nd c a pa c i ty,on th e oth e r h a nd,f e ll sh ort of i ts 800 MW ta rge t,re a c h i ng only a b out 5 3 0 MW.N e ve rth e le ss,wi nd c a pa c i ty re c ord e d a b oom i n 2021 b e f ore th e wi nd F i T e xpi ra ti

135、 on i n N ove mb e r,wi th 3.5 G W of ne w wi nd c a pa c i ty c ommi ssi one d i n j ust one ye a r.H owe ve r,a noth e r 4 G W of ne w wi nd c a pa c i ty wa s le f t i n li mb o a f te r f a i li ng to me e t th e wi nd F i T d e a d li ne,i n la rge pa rt d ue to th e CO V I D-19 re la te d re s

136、tri c ti ons.I n a d d i ti on,i mpre ssi ve R E growth h a s le d V i e tna m to ne w a nd surpri si ng c ommi tme nts d uri ng th e 26th U N Cli ma te Ch a nge Conf e re nc e h e ld i n 2021 i n G la sgow(CO P 26).At COP 26 th e c ountry ple d ge d to re a c h c a rb on ne utra li ty b y 205 0 a n

137、d si gne d,toge th e r wi th more th a n 4 0 c ountri e s,th e “G lob a l c oa l to c le a n powe r tra nsi ti on sta te me nt”c ommi tti ng to:a.S c a le up d e ployme nt of c le a n e ne rgy a nd e ne rgy e f f i c i e nc y me a sure s.b.P h a se-out una b a te d c oa l i n th e 204 0s(203 0s f or

138、 ma j or e c onomi e s).c.Ce a se i ssua nc e of ne w pe rmi ts a nd c e a se c onstruc ti on of ne w una b a te d c oa l proj e c ts.P DP 8,c ove ri ng th e pe ri od 2021-3 0 wi th a vi si on to 204 5,wa s suppose d to b e pub li sh e d b y th e e nd of 2020,h owe ve r,th e pla n i s c urre ntly st

139、i ll i n d ra f t f orm.MoI T a i ms to i nte gra te th e c ountrys ne w a mb i ti ous d e c a rb oni sa ti on ple d ge s i nto th e P DP.T h i s would me a n swi tc h i ng f rom c oa l to ga s,e li mi na ti ng th e d e ve lopme nt of ne w c oa l-f i re d powe r pla nts,i nc re a si ng re ne wa b le

140、 e ne rgy i nsta lle d c a pa c i ty a nd pri ori ti si ng th e stre ngth e ni ng a nd e xpa nsi on of th e gri d.Worryi ngly,i n pre vi ous d ra f ts of P DP 8 MoI T f ore sa w no f urth e r sola r i nsta lla ti ons unti l a f te r 203 0.H owe ve r,gi ve n th e se ve re le ga l i mpli c a ti ons of

141、 d e la yi ng proj e c ts th a t a lre a d y h a ve i nve stors,MoI T a d d e d 2.4 3 G W of sola r proj e c ts to th e la te st d ra f t.T h i s wa s c ommuni c a te d i n L e tte r N o.4 3 29/BCT-DL f rom MoI T to th e re st of th e V i e tna me se gove rnme nt.T h i s wa s la te r re vi se d d ow

142、n on 23 S e pte mb e r 2022,i n re port 5 709,to 2.3 6 G W a f te r th re e i nve stors d e c i d e d to d i sc onti nue proj e c t i mple me nta ti on.E nc oura gi ngly,i n re port 5 709,MoI T a lso propose d a roof top sola r proj e c t wi th no c a p on sc a le or c a pa c i ty of syste ms on th

143、e c ond i ti on th a t th e proj e c ts a re se lf-c onsumpti on a nd a re not c onne c te d to th e gri d.Ac h i e vi ng c a rb on ne utra li ty wi th i n le ss th a n 3 0 ye a rs wi ll not b e a n e a sy ta sk f or V i e tna m,wh ose d e ve lopme nt h a s b e e n strongly d e pe nd e nt on f ossi

144、l re sourc e e xploi ta ti on.T h e mi ni ng se c tor c ontri b ute d 9-10%of G DP ove r th e pa st d e c a d e.T h e f ossi l f ue l se c tor of c oa l,oi l a nd na tura l ga s i s i mporta nt a nd h a s a la rge a ssoc i a te d ne twork of a c tors a nd i nsti tuti ons.A f urth e r sourc e of re s

145、i sta nc e to la rge sc a le d e ployme nt of re ne wa b le e ne rgy ma y b e th e a d d i ti ona l work a nd i nve stme nt re q ui re d to upgra d e b oth th e gri d s a nd th e tra nsmi ssi on a nd d i stri b uti on ne tworks te c h ni c a l c a pa c i ti e s to a b sorb re ne wa b le e ne rgy sou

146、rc e s a nd,i n pa rti c ula r,sma ll d i stri b ute d re ne wa b le powe r sourc e s.S ola r i nve stme nt opportuni ti e s i n V i e tna m162 Elect r icit y mar ket /c onti nue d2.2.Elect r icit y infr as t r u ct u r e S i nc e mi d-1990s V i e tna m h a s sta rte d to e xpa nd a nd re i nf orc e

147、 i ts tra nsmi ssi on a nd d i stri b uti on syste m,wh i c h now i nc lud e s a round 14 0,000 km of 220 kV a nd 18,000 km of 5 00 kV powe r li ne s(N P T,2022).V i e tna ms powe r c onsumpti on a nd prod uc ti on a re te rri tori a lly i mb a la nc e d.Wh i le th e S outh a nd th e N orth h a ve t

148、ra d i ti ona lly b e e n th e d e ma nd c e ntre s,c oa l a nd h yd ro ge ne ra ti on uni ts a re mostly pla c e d i n th e c e ntra l(a nd north e rn)re gi ons.F or th i s re a son,i n 1994 a nd 2005 E V N put i nto ope ra ti on Ci rc ui t 1 a nd Ci rc ui t 2,two pa ra lle l 1,5 00 km 5 00 kV li n

149、e s,runni ng f rom th e N orth a nd th e S outh to th e Ce ntra l re gi on,wh i c h re pre se nt th e b a c kb one of th e tra nsmi ssi on syste m,c onne c ti ng th e th re e re gi ons of th e c ountry.T h e 4 4 5 km Ce ntra l-S outh tra nsmi ssi on li ne e nh a nc e me nt,b e twe e n P le i ku a nd

150、 H o Ch i Mi nh Ci ty,wa s i na ugura te d i n 2014 a nd now e nsure s e le c tri c i ty tra nsmi ssi on a mong si x provi nc e s a nd c i ti e s.I t h a s a c a pa c i ty of a round 2 G W.G e ne ra ti on c a pa c i ty a d d i ti ons i n th e S outh h a ve grown a t a slowe r pa c e th a n th e e le

151、 c tri c i ty d e ma nd,th e re f ore a se ri e s of gri d e nh a nc e me nt proj e c ts h a ve b e e n pla nne d a nd now a re a t d i f f e re nt le ve ls of i mple me nta ti on.O ne of th e m i s th e 74 2 km 5 00 kV li ne c onne c ti ng V ung Ang,Q ua ng T ra c h,Doc S oi,a nd P le i ku th a t s

152、ta rte d c onstruc ti on i n 2018.T h i s i s now i n ope ra ti on a nd e nh a nc e s e le c tri c i ty tra nsmi ssi on b e twe e n th e north e rn-c e ntra l re gi on to th e c e ntra l h i gh la nd s,pa ssi ng th rough ni ne provi nc e s.N e ve rth e le ss,more e f f orts a nd i nve stme nt wi ll

153、b e ne e d e d to ma ke th e tra nsmi ssi on syste m strong e nough to susta i n th e f uture powe r d e ma nd a nd th e i nc re a si ng pe ne tra ti on of va ri a b le re ne wa b le e ne rgy.T h e f i rst si gns of gri d i na d e q ua c y we re e xpe ri e nc e d i n th e c ountry i n 2019-2020,wh e

154、 n th e syste m re c ord e d a n i mpre ssi ve a c c e le ra ti on i n th e c onstruc ti on of gri d c onne c te d sola r pla nts.A loomi ng F e e d-i n-T a ri f f e xpi ra ti on me a nt th a t,b e twe e n J a nua ry 2019 a nd Apri l 2020,a lmost 4 G W of P owe r P urc h a se Agre e me nts we re si

155、gne d.T h i s re sulte d i n a strong i nc re a se i n gri d c onge sti on i ssue s,e spe c i a lly i n th e S outh.T h e si tua ti on wa s e xa c e rb a te d b y a strong d e c re a se i n powe r d e ma nd,d ue to th e CO V I D-19 outb re a k,wh e re si mply ra mpi ng d own c onve nti ona l ge ne r

156、a ti on wa s no longe r suf f i c i e nt,re sulti ng i n th e c urta i lme nt of b oth ground-mounte d a nd roof top sola r pla nts.F urth e rmore,i n J a nua ry 2022,MoI T stoppe d a pprovi ng f uture sola r a nd wi nd proj e c ts,c i ti ng gri d c onstra i nts a ri si ng f rom i ssue s wi th i nte

157、 gra ti ng la rge a mounts of ne wly i nsta lle d re ne wa b le e ne rgy c a pa c i ty.T h i s move i s e xpe c te d to la st a t le a st unti l th e e nd of 2022.Consi d e ri ng V i e tna ms a mb i ti ous c ommi tme nts,ma d e a t COP 26,re ne wa b le s wi ll pla y a n i nc re a si ngly i mporta nt

158、 role i n th e na ti ona l d e c a rb oni sa ti on stra te gy.T o susta i n a growi ng sh a re of re ne wa b le e ne rgi e s i n th e e ne rgy mi x,V i e tna m wi ll ne e d to re i nf orc e th e tra nsmi ssi on gri d a nd to i mprove i ts f le xi b i li ty.A c ruc i a l e na b le r wi ll b e th e i

159、nvolve me nt of pri va te i nve stors i n th e c onstruc ti on of ne w li ne s a nd i n th e i mprove me nt of th e e xi sti ng one s a s E V N,wh i c h c urre ntly h a s a monopoly ove r th e tra nsmi ssi on se c tor,d oe s not se e m to h a ve a c c e ss to th e c a pi ta l ne e d e d.T h e f i rs

160、t c a se of pri va te i nve stme nt i n th e tra nsmi ssi on se c tor oc c urre d i n 2020,wh e n a 5 00/220kV sub sta ti on a nd tra nsmi ssi on li ne wa s b ui lt und e r a sta nd-a lone pi lot a gre e me nt.T h i s type of a gre e me nt i s li ke ly to b e re pe a te d f ollowi ng a n a me nd me

161、nt to th e E le c tri c i ty L a w i n 2022,a llowi ng pri va te c ompa ni e s to b ui ld powe r tra nsmi ssi on,e xc e pt f or gri d proj e c ts i mple me nte d b y th e sta te und e r th e na ti ona l e le c tri c i ty d e ve lopme nt pla n(L a w N o.03/2022/Q H 15).I nc re a si ng syste m f le xi

162、 b i li ty wi ll b e th e oth e r ke y e na b le r of th e c ountrys d e c a rb oni sa ti on.T h e d e ve lopme nt of Ba tte ry E ne rgy S tora ge S yste ms(BE S S)wi ll c re a te a f uture-proof powe r syste m,provi d i ng b e tte r q ua li ty e le c tri c i ty,a nd supporti ng a susta i na b le e

163、c onomi c growth of i nd ustri e s a nd c i ti e s.T o ma ke th i s possi b le,a spe c i f i c re gula tory f ra me work f or BE S S a nd a d e ta i le d d e ve lopme nt stra te gy,i nc lud i ng spe c i f i c c a pa c i ty ta rge ts,wi ll b e re q ui re d.2.3.Renewable ener gy r egu lat or y fr amew

164、or k A c ompre h e nsi ve re gula tory f ra me work i s a ke y e na b le r f or th e d e ve lopme nt of re ne wa b le s i n V i e tna m.As d e monstra te d wi th th e b oom of sola r P V,c le a r a nd tra nspa re nt re gula ti on c a n a ttra c t b oth loc a l a nd i nte rna ti ona l i nve stme nt.T

165、 h e F e e d-i n-T a ri f f (F i T)h a s b e e n th e most i mporta nt re mune ra ti on me c h a ni sm a d opte d b y V i e tna m i n th e la st f e w ye a rs.T h e f i rst s o lar FiT wa s i ntrod uc e d i n 2017.I t a llowe d proj e c ts c ommi ssi one d b e f ore th e e nd of J une 2019 to si gn

166、a 20-ye a r P owe r P urc h a se Agre e me nt(P P A)wi th E V N a t 2,086 V N D/kWh (U S$93.5/MWh).T h i s poli c y le d to th e f i rst sola r i nsta lla ti on b oom i n 2019,wi th a round 4.5 G W of a d d i ti ona l uti li ty sc a le c a pa c i ty a nd 3 00 MW of roof top sola r.S ola r i nve stme

167、 nt opportuni ti e s i n V i e tna m17wh i c h und e rmi ne d th e i r i nte rna ti ona l b a nka b i li ty:no c ompe nsa ti on i n c a se of c urta i lme nt,no provi si ons on c h a nge i n la w,no gove rnme nt gua ra nte e f or pa yme nt b y th e of f ta ke r,a nd no i nte rna ti ona l a rb i tra

168、ti on we re a mong th e most c h a lle ngi ng a spe c ts.I n a b i d to unb loc k d i sc ussi ons on a ne w pri c i ng poli c y f or re ne wa b le e ne rgy d e ve lopme nts,MoI T sub mi tte d R e port 126 to th e P ri me Mi ni ste r on 21 J uly 2022.I t c onta i ns se ve ra l e le c tri c i ty pri c

169、 i ng me c h a ni sms opti ons f or proj e c ts th a t we re una b le to sta rt ope ra ti ng und e r th e F i T sc h e me,a nd th ose th a t wi ll b e c onstruc te d i n th e f uture.Curre ntly,MoI T s pre f e re nc e i s to i ssue a ta ri f f ra nge wi th i n wh i c h E V N ne goti a te s powe r sa

170、 le a nd purc h a se c ontra c ts wi th i nve stors a nd I P P s.T h i s would a pply to c urre nt a nd f uture proj e c ts th a t f a ll outsi d e th e F i T sc h e me.O n 3 O c tob e r 2022,MoI T i ssue d Ci rc ula r 15/2022/T T-BCT,wh i c h provi d e d re gula ti ons on th e me th od f or f ormul

171、a ti ng powe r ge ne ra ti ng ta ri f f ra nge s f or th e se tra nsi ti ona l wi nd a nd sola r proj e c ts.Alongsi d e th i s,MoI T ma d e se ve ra l proposa ls to E V N on h ow to d e te rmi ne th e ta ri f f f or spe c i f i c T ra nsi ti ona l P la nts.T h e se i nc lud e d d i re c t b i la te

172、 ra l ne goti a ti ons b e twe e n E V N a nd tra nsi ti ona l pla nt i nve stors wi th i n th e li mi ts of th e re le va nt T a ri f f R a nge,a nd a n a uc ti on-b a se d pri c e d i sc ove ry a mong T ra nsi ti ona l P la nts to d e te rmi ne ta ri f f s f or a th re e-ye a r pe ri od,wi th b i

173、d s re q ui re d to b e wi th i n th e re le va nt ta ri f f ra nge.S i nc e th e se proposa ls we re ma d e,b oth E V N a nd MoI T h a ve move d a wa y f rom th e m.T h e e nd of th e f i rst sola r F i T wa s f ollowe d b y a 10-month ga p i n pri c i ng poli c y.I n Apri l 2020,a ne w F i T wa s

174、a nnounc e d f or proj e c ts c ommi ssi one d b y th e e nd of 2020.F i T ra te s d i f f e re d b a se d on i nsta lla ti on type:f loa ti ng sola r c ould si gn a 20-ye a r P P A a t 1,783 V N D/kWh (U S$77/MWh),ground-mounte d a t 1,6 4 4 V N D/kWh (U S$71/MWh),roof top sola r a t 1,94 3 V N D/k

175、Wh (U S$84/MWh).T h e le ve l of th e F i T d e c re a se d b y up to 24%,b ut th i s d i d not i nh i b i t a se c ond b oom of sola r c a pa c i ty a d d i ti ons.T h i s ti me th e most d e ploye d te c h nology wa s roof top sola r,wi th 7.5 G W of a d d i ti ona l c a pa c i ty,wh i le ground-m

176、ounte d i nc re a se d b y 4.4 G W.Curre ntly,th e gove rnme nt h a s not ye t re le a se d a ne w pri c i ng poli c y to b oost th e d e ve lopme nt of ne w sola r c a pa c i ty,le a vi ng th e ma rke t i n a re gula tory va c uum f or more th a n one ye a r.T h i s si tua ti on i s e xpe c te d to

177、 la st unti l a t le a st mi d-2023.Wi nd re mune ra ti on sc h e me s f ollowe d th e sa me pa th of sola r,wi th a win d FiT a t U S$85/MWh f or onsh ore a nd U S$98/MWh f or of f sh ore wi nd proj e c ts,wh i c h c a use d a rush to re a c h c ommi ssi oni ng b e f ore 1 N ove mb e r 2021.More th

178、 a n 3.5 G W h a s b e e n c ommi ssi one d,b ut a lot of proj e c ts mi sse d th e d e a d li ne a nd a re sti ll wa i ti ng f or a ne w re gula tory f ra me work.Both sola r a nd wi nd F i T s c a me wi th a spe c i f i c sta nd a rd i se d P P A to b e si gne d b y th e d e ve lope r a nd th e of

179、 f ta ke r,E V N.T h e se c ontra c ts h a d a se ri e s of i ssue s,S ola r pa ne ls i n X ua n T h o,S ong Ca u,P h u Y e n,V i e tna m.S h utte rstoc k/N guye n Qua ng N goc T onki n S ola r i nve stme nt opportuni ti e s i n V i e tna m18H owe ve r,b oth a gre e th a t T ra nsi ti ona l P la nts

180、 h a ve th e opti on to volunta ri ly re gi ste r to pa rti c i pa te i n th e V i e tna m Wh ole sa le E le c tri c i ty Ma rke t.H e re th e c ontra c te d ta ri f f f or se lli ng powe r would ne e d to b e wi th i n th e re le va nt T a ri f f R a nge,wi th e xc e ss e le c tri c i ty sold on th

181、 e spot ma rke t.H owe ve r,th e re re ma i ns c onsi d e ra b le unc e rta i nty a s to h ow c ontra c te d ta ri f f s would b e a gre e d a nd h ow c ommi tte d c a pa c i ty would b e d e te rmi ne d f or i nd i vi d ua l pla nts(Coope r a nd T ra n,2022).2.4.New dev elop ment s for s olar p owe

182、r V i e tna m wi tne sse d a slow sta rt to th e e ne rgy tra nsi ti on.H owe ve r,th e outlook f or sola r P V c h a nge d d ra ma ti c a lly wi th th e i ntrod uc ti on of th e f i rst sola r F i T i n 2017,wi th ove r 4.5 G W of uti li ty sc a le sola r i nsta lla ti ons.S i mi la rly,th e e f f

183、e c t of th e i ntrod uc ti on of th e se c ond F i T i n 2019 c a n b e se e n wi th th e e xplosi on of i nsta lla ti ons i n 2020(a lmost 12 G W),a s d e ve lope rs rush e d to h a ve proj e c ts c ommi ssi one d b e f ore th e F i T pe ri od la pse d.2022 te lls a d i f f e re nt story wi th th

184、e N L DC re f usi ng to a pprove ne w sola r a nd wi nd proj e c ts d ue to gri d c onstra i nts.T h i s,c ouple d wi th c onti nue d unc e rta i nty a round th e f uture re gula tory f ra me work i s e xpe c te d to a ll b ut put a h a lt to f urth e r i nsta lla ti ons th i s ye a r.More ove r,i n

185、ve sti ga ti ons a re c urre ntly on-goi ng on th e le ga li ty of ma ny sola r a nd wi nd i nsta lla ti ons,wh i c h mi gh t le a d to f urth e r d e la ys i n e sta b li sh i ng a n upd a te d re gula tory f ra me work.H owe ve r,a c c ord i ng to S ola rP owe r E urope,wi th th e ri gh t poli c y

186、 f ra me works i n pla c e a nd i mprove d te c h ni c a l c a pa c i ty i n th e gri d,V i e tna m c a n b e c ome a G W ma rke t onc e more a s e a rly a s 2023 (S ola rP owe r E urope,2022).T h e G ove rnme nts pla n i s to move towa rd s a more c ompe ti ti ve pri c i ng me c h a ni sm b y i ntr

187、od uc i ng a n auctio n p r o gr am f or b oth sola r a nd wi nd pla nts.A se ri e s of proposa ls h a ve b e e n sugge ste d b y MoI T i n th e la st two ye a rs,h owe ve r,th e f i na l sc h e me h a s not ye t b e e n i ssue d.Anoth e r re mune ra ti on me c h a ni sm i s th e Dir ect PPA p r o g

188、r am(DPPA).I n J a nua ry 2020,MoI T propose d a d ra f t re gula ti on on a pi lot proj e c t a llowi ng re ne wa b le ge ne ra tors to b ypa ss th e sta te-owne d uti li ti e s a s of f ta ke rs a nd se ll d i re c tly to c orpora te c onsume rs,th rough DP P As.A se ri e s of d ra f ts h a ve b e

189、 e n re le a se d d uri ng th e la st two ye a rs,b ut th e ge ne ra l struc ture of th e sc h e me h a s re ma i ne d th e sa me,wi th f our ma i n pla ye rs:th e re ne wa b le ge ne ra tor,th e c onsume r,E V N a nd th e powe r c orpora ti on(d i stri b utor),f unc ti oni ng a s f ollows:2 Elect r

190、 icit y mar ket /c onti nue dSOURCE:S ola rP owe r E urope G lob a l Ma rke t Outlook 2022-2026,S ola rP owe r E urope,2022.FIGURE 6 V I E T N AME S E AN N U AL S OL AR P V MAR K E T -H I S T OR I CAL DAT A AN D F OR E CAS T F OR T H E U P COMI N G F I V E Y E AR S02468101214GW20021202220

191、232024202520261.00.30.122.10.88.21.99-72%114%48%12%94%Historical dataGMO-Low scenarioGMO-High scenarioAnnual-PDP8Medium scenarioS ola r i nve stme nt opportuni ti e s i n V i e tna m191.T h e c onsume r e nte rs i nto a Contra c t f or Di f f e re nc e (Cf D)wi th th e re ne wa b le e ne rgy ge ne r

192、a tor b a se d on a ne goti a te d stri ke pri c e;th e c onsume r a gre e s to pa y/re c e i ve th e d i f f e re nc e b e twe e n th e stri ke pri c e a nd th e wh ole sa le ma rke t spot pri c e.2.T h e c onsume r e nte rs i nto a n a gre e me nt wi th a P owe r Corpora ti on to h a ve e le c tri

193、 c i ty d e li ve re d a t th e re ta i l pri c e;th e c onsume r wi ll a lso pa y th e tra nsmi ssi on,d i stri b uti on,ma rke t ope ra ti on,a nd a uxi li a ry f e e s on a kWh b a si s.3.T h e re ne wa b le e ne rgy ge ne ra tor si gns a P P A wi th E V N to se ll th e e le c tri c i ty prod uc

194、e d.U nd e r th e propose d me c h a ni sm,th e si ngle b uye r mod e l re ma i ns,b ut pa yme nts wi ll b e b a se d on wh ole sa le ma rke t pri c e s i nste a d of P P As a nd re gula te d ta ri f f s,a nd th i s wi ll i nc re a se wh ole sa le ma rke t e xposure.Corpora te s wi ll pa y a pre mi

195、um on top of th e e le c tri c i ty pri c e.I n re turn th e y wi ll ge t re ne wa b le e ne rgy c e rti f i c a te s,provi ng th a t th e i r powe r c onsumpti ons a re d e c a rb oni se d.T h e DP P A 2-ye a r pi lot wi th c a pa c i ty of b e twe e n 4 00 MW to 1,000 MW wa s sc h e d ule d to b e

196、 gi n i n 2021 b ut i s now e xpe c te d i n Q 1 2023 a c c ord i ng to MoI T s la te st gui d a nc e.T h e la te st d ra f t d e c i si on on th e DP P A struc ture wa s i ssue d on 20 Ma y a nd re move d a provi si on re q ui ri ng th e of f ta ke r to c ommi t to purc h a si ng a t le a st 80%of

197、th e tota l powe r i s would h a ve oth e rwi se purc h a se d f rom E V N wi th i n a gi ve n ye a r.I n a move th a t ge ne ra te s f urth e r f le xi b i li ty,th e re q ui re me nt f or ge ne ra tors a nd of f ta ke rs to provi d e b a nk gua ra nte e s und e r th e P P A wa s re move d,a long w

198、i th th e re q ui re me nt f or P P As to b e b e twe e n 10-20 ye a rs i n d ura ti on.I n a d d i ti on,th e mod e l P P A propose d f or th e DP P A progra m i s th e sa me a s use d f or wi nd/sola r proj e c ts c ove re d b y th e F i T wi th some a d j ustme nts(Ci rc.02/2019/T T-BCT a nd 18/2

199、020/T T-BCT)a nd th e re f ore b a nka b i li ty i ssue s wi ll c onti nue to e xi st.I n th e a b se nc e of spe c i f i c re mune ra ti on me c h a ni sms,re ne wa b le e ne rgy pla nts c a n c h oose to pa rti c i pa te i n th e wh ole sa le ma rke t,se lli ng th e i r e le c tri c i ty a t th e

200、spot pri c e.H owe ve r,th e re i s no e vi d e nc e th a t re ne wa b le e ne rgy ge ne ra tors a re a c ti ve i n th i s ma rke t.Most re ne wa b le e ne rgy pla nts a re c urre ntly und e r F i T c ontra c ts a nd,wi th out th e provi si on of a d i spa tc h pri ori ty f or re ne wa b le s,pa rti

201、 c i pa ti ng i n sta nd a rd e ne rgy ma rke ts i s sti ll c onsi d e re d too ri sky.SOURCE:U S AI D,V i e tna m L ow E mi ssi ons E ne rgy P rogra m.FIGURE 7 P R OP OS E D S T R UCT UR E OF DI R E CT P P AS I N V I E T NAMPrice support agreement with contract for differencesSOLAR DEVELOPERPOWERCO

202、RPORATIONVWEMCONSUMEREVN/NPT networkRenewable energy certificatesSupport payments(if Pspot Pstrike)Spot market revenues(if Pspot Pstrike)Spot market revenuesPay spot market pricesRE power productionRetail power deliveriesSpot market pricesFinancial arrangementsOperational arrangementsEnvironmental a

203、ttributes2 Elect r icit y mar ket /c onti nue dS ola r i nve stme nt opportuni ti e s i n V i e tna m20Alth ough P DP 8 i s sti ll a d ra f t,R e soluti on N o.5 5-N Q/T W on th e ori e nta ti on of th e N a ti ona l E ne rgy De ve lopme nt S tra te gy of V i e tna m to 203 0,wi th a vi si on to 204

204、 5 d e ta i ls th e G ove rnme nts e ne rgy poli c i e s f or th e re ma i nd e r of th i s d e c a d e.A f e w n ew s up p o r tin g mechan is ms a nd route s-to-ma rke t a re und e r d e ve lopme nt,a nd th e y wi ll b e c ruc i a l to supporti ng a susta i na b le e ne rgy tra nsi ti on.T h e y i

205、 nc lud e:Cre a ti ng a n E mi ssi on T ra d i ng S c h e me (E T S)sta rti ng f rom 1st J a nua ry 2022.T h i s tool wi ll b e c ruc i a l f or V i e tna ms a c h i e ve me nt of i ts 203 0 G H G e mi ssi on re d uc ti on ta rge t,c urre ntly se t a t 9%c ompa re d to th e b usi ne ss-a s-usua l sc

206、 e na ri o i n th e re vi se d N DC(+1%c ompa re d to th e pre vi ous ta rge t se t i n 2015),e q ui va le nt to 84 Mt of CO2e q,usi ng d ome sti c re sourc e s(27%wi th i nte rna ti ona l support).T h e le ga l b a si s of th e sc h e me h a s a lre a d y b e e n se t.H owe ve r,i mple me nta ti on

207、 d e ta i ls a re sti ll mi ssi ng.A f urth e r N DC re vi si on i s e xpe c te d i n ord e r to c omply wi th th e ne t ze ro b y 205 0 c ommi tme nt a t COP 26.Cre a ti ng a R e ne wa b le P ortf oli o S ta nd a rd (R P S)me c h a ni sm f or la rge-sc a le powe r ge ne ra tors a nd e le c tri c i

208、ty c onsume rs wh o wi ll h a ve to prod uc e/c onsume a c e rta i n pe rc e nta ge of re ne wa b le e ne rgy.T h i s ra te wi ll b e 10%b y 203 0,a nd 20%b y 205 0.Cre a ti ng R e ne wa b le E ne rgy Ce rti f i c a te s(R E Cs)use d to me e t volunta ry re ne wa b le c onsumpti on goa ls or c omply

209、 wi th re ne wa b le poli c y re q ui re me nts.E li gi b le pla nts wi ll b e sola r,wi nd,h yd ro,b i oma ss,b i oga s,muni c i pa l soli d wa ste.Cond uc ti ng stud i e s on sui ta b le c a rb on ta xe s on f ossi l f ue ls(no ti me li ne provi d e d).On 1 J a nua ry 2022,th e ne w L a w on E nvi

210、 ronme nta l P rote c ti on(L E P),gove rni ng e nd-of-li f e proc e sse s f or e le c tri c a l e q ui pme nt e nte re d i nto f orc e.T h i s wa s supple me nte d b y De c re e 08/2022/N D-CP wh i c h se t out spe c i f i c wa ste ma na ge me nt proc e sse s f or se ve ra l prod uc ts,i nc lud i n

211、g P V wa ste.T h i s i ntrod uc e d a n ob li ga ti on to re c yc le P V pa ne ls th a t wi ll e nte r i nto f orc e f rom 1 J a nua ry 2025.I t a lso sti pula te s th a t P V mod ule prod uc e rs a nd i mporte rs h a ve a n ob li ga ti on to re c yc le 3%of th e tota l volume prod uc e d a nd i mpo

212、rte d to V i e tna m e a c h ye a r.T h e 3%re c yc li ng ta rge t wi ll b e re vi se d a nd i nc re a se d e ve ry th re e ye a rs.T h i s E xte nd e d P rod uc e r R e sponsi b i li ty(E P R)progra mme wi ll b e ove rse e n b y a N a ti ona l E P R Counc i l i nc lud i ng re pre se nta ti ve s f r

213、om th e Mi ni stry of N a tura l R e sourc e s a nd E nvi ronme nt(MoN R E),MoF,MoI T,Mi ni stry of H e a lth,Mi ni stry of Agri c ulture a nd R ura l De ve lopme nt,re pre se nta ti ve s of prod uc e rs a nd i mporte rs,wa ste re c yc li ng a nd tre a tme nt uni ts,a nd re la te d soc i a l a nd e

214、nvi ronme nta l orga ni sa ti ons.S ola r i nve stme nt opportuni ti e s i n V i e tna m212 Alger ia elect r icit y mar ket /c onti nue dRecommendat ions3V i e tna m h old s ple nty of pote nti a l f or sola r d e ve lopme nt.I ts goa l of b e c omi ng a h i gh-i nc ome c ountry b y 204 5 re q ui re

215、 s 5%e c onomi c growth b e twe e n now a nd th e n.T h i s wi ll go h a nd i n h a nd wi th i nc re a si ng e ne rgy d e ma nd.S i mi la rly,V i e tna ms ne t ze ro e mi ssi ons ta rge t f or 205 0 a s a nnounc e d a t COP 26 wi ll me a n re ne wa b le e ne rgy sourc e s c onti nue to sc a le up a

216、nd gi ve n th e c ountrys h i gh i rra d i a ti on le ve ls,pa rti c ula rly i n th e S outh,th e f uture looks b ri gh t f or sola r.H owe ve r,th e re a re se ve ra l f a c tors th a t c ould i nh i b i t sola r growth i n V i e tna m.A f oc us on d e ve lopi ng wi nd powe r ove r sola r i n P DP

217、8 would si gna l troub le f or th e i nd ustry.T h e re a re q ue sti ons a b out th e te c h ni c a l c a pa c i ty of th e c ountrys gri d to h a nd le i nte gra ti on of f urth e r re ne wa b le e ne rgy proj e c ts.Wi th no support sc h e me f or i nc re a si ng gri d f le xi b i li ty or stora

218、ge i t i s d i f f i c ult to se e h ow th i s i ssue wi ll re solve i tse lf.S i mi la rly,th e ongoi ng unc e rta i nty a round f uture R E S support sc h e me s-b e th e y DP P As,a uc ti ons,or f urth e r F i T s i s li ke ly to stymy i nve stme nt i n sola r unti l a d e c i si on i s re a c h

219、e d.F i na lly,th e b oom i n roof top sola r ma y ye t prove to b e a d oub le-e d ge d sword,a s i t ma y h a ve a b sorb e d re ma i ni ng gri d c a pa c i ty a t th e e xpe nse of uti li ty sc a le P V.T h e re a re se ve ra l a c ti ons th a t poli c y ma ke rs,pri va te i nve stors,a nd d e ve

220、 lopme nt f i na nc e i nsti tuti ons c a n f ollow to h e lp re solve th e se i ssue s a nd h e lp th e c ountry c a pi ta li se on i ts sola r pote nti a l.Recommendat ions for p olicy maker s A higher level o f co o r din atio n between gen er atio n an d tr an s mis s io n p lan n in g is n eede

221、d fo r in cr eas ed in tegr atio n o f r en ewables.As h i gh li gh te d i n th e e ne rgy se c tor ove rvi e w,th e P owe r De ve lopme nt P la n d e ta i ls pla nne d tra nsmi ssi on syste m upgra d e s ove r a te n-ye a r pe ri od.H owe ve r,gi ve n th e d i f f e re nt ti me s-to-ma rke t of b o

222、th,th e d e ve lopme nt of tra nsmi ssi on i nf ra struc ture i s of te n out of ste p wi th wh a t i s re q ui re d to i nte gra te th e ne wly i nsta lle d ge ne ra ti on c a pa c i ty,le a d i ng to c urta i lme nts of ge ne ra ti on a sse ts.Avoi d i ng th i s mi sma tc h would a lso h e lp to s

223、a ti sf y th e c ountrys ri si ng powe r d e ma nd.A clear an d p r edictable r egulato r y fr amewo r k is n eeded to s up p o r t the gr o wth o f the Vietn ames e s o lar in dus tr y.T h e c urre nt la c k of a re gula tory f ra me work,f ollowi ng th e e xpi ra ti on of sola r F i T 2,h a s c re

224、 a te d unc e rta i nty ove r th e b a nka b i li ty of ne w sola r proj e c ts.E sta b li sh i ng a ne w f ra me work wi ll b ri ng sta b i li ty ot th e ma rke t a nd a llow f or th e f urth e r e xpa nsi on of pri va te i nve stme nts,i nc lud i ng F DI.T h i s wi ll b e a ke y e na b le r f or V

225、 i e tna m to me e t i ts c ommi tme nts a t COP 26 a nd i ts re ne wa b le e ne rgy ta rge ts a s pe r th e na ti ona l ma ste rpla n.A n ew s up p o r t s cheme fo r s o lar s ho uld be devis ed to fur ther bo o s t the develo p men t o f the Vietn ames e s o lar in dus tr y.T i s support sc h e m

226、e sh ould b e b a se d on c ompe ti ti ve proc ure me nt proc e sse s a nd i nc lud e i nnova ti ve b usi ne ss mod e ls suc h a s h yb ri d proj e c ts wi th P V,wi nd,a nd b a tte ry e ne rgy stora ge syste ms(BE S S)f or e xa mple.T h e re i s a lso si gni f i c a nt opportuni ty f or f loa ti ng

227、 P V syste ms i n th e c ountry th a t sh ould b e e xplore d.S ola r powe r pla nt,N a m Bi nh vi lla ge,Bi nh N guye n,Bi nh S on,Qua ng N ga i,V i e tna m.S h utte rstoc k/H i e n P h ung T h uS ola r i nve stme nt opportuni ti e s i n V i e tna m22c onsulta ti on me c h a ni sm,i nc lud i ng th

228、rough th e V i e t N a m E ne rgy P a rtne rsh i p G roup(V E P G),a nd e nsuri ng th e pa rti c i pa ti on of a ll ke y sta ke h old e rs,th e V i e tna me se gove rnme nt c a n re c e i ve more d e ta i le d i nput on i ts proposa ls f rom pri va te i nve stors se e ki ng to support th e e ne rgy

229、tra nsi ti on.Recommendat ions for Pr iv at e Inv es t or s Po ten tial in ves to r s s ho uld co n duct ex ten s ive due diligen ce befo r e en ter in g the Vietn ames e mar ket.F or pri va te i nve stors,und e rsta nd i ng th e uni q ue b usi ne ss a nd re gula tory e nvi ronme nt i n V i e tna m

230、i s i nd i spe nsa b le to b ui ld i ng a nd ope ra ti ng a suc c e ssf ul sola r proj e c t.E nsuri ng e xte nsi ve d ue d i li ge nc e b e f ore e nte ri ng th e ma rke t wi ll h e lp i nve stors a voi d pote nti a l pi tf a lls a round th e c ost of c a pi ta l,th e b a nka b i li ty of P P As,a

231、nd le ga l a nd a d mi ni stra ti ve re q ui re me nts.In ves to r s s ho uld car efully weigh up the p o s itives an d n egatives o f a r an ge o f bus in es s mo dels.I n te rms of b usi ne ss mod e ls f or proj e c ts,b oth P ub li c-P ri va te P a rtne rsh i p(P P P)a nd I nd e pe nd e nt P owe

232、r P rod uc e r(I P P)mod e ls h a ve a role to pla y.A pub li c-pri va te pa rtne rsh i p a pproa c h c ould support la rge proj e c ts wh e re ri sk a lloc a ti on a c ross pa rti e s b e c ome s c ri ti c a l.Y e t th i s mod e l c ould b e le ngth i e r a s i t re q ui re s sta te-b a c ke d gua

233、ra nte e s(f or wh i c h th e re se e ms to b e li ttle a ppe ti te f rom th e V i e tna me se G ove rnme nt).T h i s would of c ourse re q ui re e nga gi ng th e gove rnme nt to i d e nti f y a mutua lly a c c e pta b le pa rtne rsh i p mod e l.Conve rse ly,a pure ly pri va te i ni ti a ti ve d ri

234、ve n b y a n I P P i s of te n f ound to e nsure a f a ste r more a gi le d e ployme nt f or sma lle r sc a le proj e c ts,a lb e i t wi th out gove rnme nt gua ra nte e s.In ves to r s s ho uld s eek to actively p ar ticip ate in the var io us bus in es s an d p o licy fo r a available in Vietn am.

235、T h e re a re multi ple groups i n V i e tna m th a t c a n h e lp c ompa ni e s ope ra ti ng i n V i e tna m.Ac ti ve pa rti c i pa ti on i n b usi ne ss a nd poli c y f ora i s e nc oura ge d a s a wa y of ga i ni ng a c c e ss to poli c yma ke rs,ga th e ri ng loc a l i nte lli ge nc e,a nd of f

236、e ri ng i nte rna ti ona l e xpe ri e nc e a nd pe rspe c ti ve s.T h e f ollowi ng groups sh ould b e c onsi d e re d a s pri ori ty c ommuni ti e s to e nga ge wi th:P owe r a nd E ne rgy,or I nf ra struc ture worki ng groups of th e Vietn am Bus in es s Fo r um;th e P owe r S e c tor S tra te gi

237、c P la nni ng,G ri d I nte gra ti on a nd G ri d I nf ra struc ture,a nd R e ne wa b le E ne rgy te c h ni c a l T h e tra nspa re nc y a nd c oord i na ti on of a pprova l proc e sse s f or la nd a c c e ss sh ould b e i mprove d.T h i s wi ll lowe r proj e c t c osts f or sola r d e ve lope rs.In

238、ter n atio n al ban kability s ho uld be co n s ider ed when des ign in g futur e PPAs.P re vi ous F i T sc h e me s h a ve i nc lud e d spe c i a li se d P P As f or sola r.H owe ve r,th e re h a ve b e e n c onc e rns a b out th e b a nka b i li ty of th e se a gre e me nts.As ne w P P A te rms a

239、re d e ve lope d,th e y sh ould i nc lud e c le a r provi si ons on gri d c urta i lme nt,ta ke or pa y ob li ga ti ons,d e e me d d i spa tc h e le c tri c i ty,te rmi na ti on pa yme nts i n th e c a se of d e f a ult of one of th e pa rti e s,le nd e rs ste p-i n ri gh ts,of f ta ke r c re d i t

240、support,a d a pta ti on to c h a nge s i n th e la w a nd f orc e ma j e ure,a nd i nte rna ti ona l a rb i tra ti on f or d i spute re soluti on.A s p ecific r egulato r y fr amewo r k go ver n in g Batter y En er gy Sto r age Sys tems (BESS)s ho uld be develo p ed to en s ur e s ecur ity o f s up

241、p ly.Curre ntly,i nsta lle d ge ne ra ti on c a pa c i ty i n V i e tna m outstri ps th e gri d s te c h ni c a l li mi ts,re sulti ng i n i nse c uri ty of supply,unre li a b i li ty,a nd c urta i lme nt of ge ne ra ti on proj e c ts.Wi d e r d e ployme nt of BE S S i n th e V i e tna me se ma rke

242、t would h e lp to ta c kle th e se i ssue s,a nd th e V i e tna me se a uth ori ti e s ma y wa nt to c onsi d e r d e ve lopi ng a spe c i f i c BE S S re gula tory f ra me work a nd a d e ta i le d d e ve lopme nt stra te gy,i nc lud i ng spe c i f i c BE S S c a pa c i ty ta rge ts.T h e re gula t

243、ory f ra me work sh ould i nc lud e si mple pe rmi tti ng proc e sse s,provi si ons on re mune ra ti on of f a st f re q ue nc y re sponse,a nd pri ori ty d i spa tc h f or R E S+BE S S.Per mittin g p r o ces s es fo r s o lar p r o jects s ho uld be s tr eamlin ed thr o ugh the cr eatio n o f a o n

244、 e-s to p-s ho p fo r p er mittin g.T h i s would i mprove c oord i na ti on b e twe e n c e ntra l a nd provi nc i a l gove rnme nt e nti ti e s i nvolve d i n a pprovi ng proj e c ts a nd i ssui ng pe rmi ts.I t would a lso i nc re a se tra nspa re nc y a round th e pe rmi tti ng proc e ss,c ontri

245、 b uti ng to f a i r a nd e q ua l a c c e ss to th e V i e tna me se ma rke t.The co n s ultatio n mechan is m in p o licymakin g p r o ces s es s ho uld be s tr en gthen ed.I nd ustry sta ke h old e rs a nd pri va te i nve stors sta nd re a d y to support poli c y ma ki ng proc e sse s i n V i e t

246、na m th a t wi ll c ontri b ute to th e c ountrys a i m of a c h i e vi ng ne t-ze ro e mi ssi ons b y 205 0.By stre ngth e ni ng th e S ola r i nve stme nt opportuni ti e s i n V i e tna m23DFIs s ho uld co n s ider p r o vidin g n o n-s o ver eign guar an tees fo r lo n g-ter m in ves tmen ts in s

247、 o lar PV.One of th e ma i n b a rri e rs to unloc ki ng f urth e r pri va te se c tor i nve stme nt i n V i e tna m i s th e la c k of tra nspa re nc y a round c urta i lme nt d e c i si ons.DF I s c a n h e lp i n th i s i nsta nc e b y provi d i ng non-sove re i gn gua ra nte e s f or long-te rm

248、i nve stme nts,li ke th ose i n th e S c a li ng S ola r,or G E T F i T progra mme s.T h i s would h e lp re d uc e th e ri sk a round i nve sti ng i n th e ma rke t.DFIs s ho uld actively lo o k to en co ur age an d s o licit in ter n atio n al co mmer cial ban ks to jo in tly fin an ce s o lar p r

249、 o ject in Vietn am.Movi ng b e yond provi d i ng gua ra nte e s f or sola r proj e c ts i n V i e tna m,DF I s c a n pla y a le a d role i n e nc oura gi ng a nd soli c i ti ng i nte rna ti ona l c omme rc i a l b a nks to j oi ntly f i na nc e sola r i nve stme nts i n V i e tna m.T h i s would gu

250、a ra nte e th e long-te rm h e a lth of th e V i e tna me se re ne wa b le e ne rgy ma rke t,h e lpi ng more proj e c ts to re a c h f i na nc i a l c lose a nd c re a ti ng a sta b le proj e c t d e ve lopme nt pi pe li ne.worki ng groups of th e Viet Nam En er gy Par tn er s hip Gr o up (VEPG);th

251、e va ri ous c h a mb e rs of c omme rc e th a t a re a c ti ve i n V i e tna m(AmCh a m,E uroCh a m,e tc.);a nd th e Vietn am Clean En er gy As s o ciatio n (th e V i e tna me se re ne wa b le e ne rgy a ssoc i a ti on).Recommendat ions for Dev elop ment Finance Ins t it u t ions Develo p men t Fin

252、an ce In s titutio n s (DFIs)s ho uld lo o k to des ign p o licies,r egulatio n s,an d fin an cin g s chemes that facilitate the dep lo ymen t o f s o lar p r o jects.As ke y pa rtne rs i n V i e tna ms tra nsi ti on to ne t-ze ro b y 205 0,d e ve lopme nt f i na nc e i nsti tuti ons(DF I s)c a n pl

253、a y a b i g role i n supporti ng poli c yma ke rs wh e n i t c ome s to ma rke t d e si gn.An i mporta nt f orm of support sh ould a lso b e d e li ve re d i n th e f orm of te c h ni c a l a ssi sta nc e,pa rti c ula rly i n d e ve lopi ng c ompe ti ti ve proc ure me nt sc h e me s a nd a more b a

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255、ans it ional wind and s olar project s in Viet nam,17 Oc tob e r 2022,Alle ns Austra li a.(li nk)En er data(2022),Cou nt ry energy report Viet nam,F e b rua ry 2022.En er gy tr acker As ia(2021),The nex t renewable Energy Powerhou s e of As ia,S e pte mb e r 2021.Vietn am Electr icity(2021),Annu al

256、Report,2021.IHS Mar kit(2020),Grid capabilit y key t o bols t ering Viet nams energy fu el mix t arget,J une 2020.IHS Mar kit(2021),Viet nam Power Market Profile,J uly 2021.IHS Mar kit(2021),Viet nam Renewable Market Profile,J une 2021.IRENA(2022),R e ne wa b le Ca pa c i ty S ta ti sti c s 2022.Lin

257、 klater s (2021),As ia Pacific Renewable Energy Ins ight s,Ma y 2021.OECD,Clean Energy Finance and Inv es t ment Policy Rev iew,N ove mb e r 2021.(li nk)So lar Po wer Eur o p e(2022),Global Market Ou t look for Solar 2 0 2 2-2 0 2 6,Ma y 2022.The Wo r ld Ban k Gr o up (2022),The World Bank in Viet n

258、am,7 N ove mb e r 2022.(li nk)The Wo r ld Ban k Gr o up (201 9),Eas e of Doing Bu s ines s Indicat or,2019.(li nk)The Wo r ld Ban k Gr o up (2020),Viet nam:Doing Bu s ines s 2 0 2 0,Challenges and Solu t ions,2020.(li nk)USAID VIETNAM LOW EMISSION ENERGY PROGRAM(V-LEEP)(2021),Report:As s es s ment o

259、f COVID-1 9 Impact s on Viet nam Power Sect or and Recommendat ions,Apri l 2021.Embas s y o f the So cialis t Rep ublic o f Vietn am in the Un ites States o f Amer ica(2022).Cons t it u t ional and Polit ical Sy s t em.14 N ove mb e r 2022.(li nk)Wo o d Macken zie(2022),Viet nam power market report.

260、S outh e a st Asi a G a s a nd P owe r S e rvi c e,N ove mb e r 2022.S ola r i nve stme nt opportuni ti e s i n V i e tna m25Solar Power Eu r op e-Leading t he Ener gy Tr ans it ion R ond-P oi nt R ob e rt S c h uma n 3,104 0 Brusse ls,Be lgi um T +3 2 2 709 5 5 20 /F +3 2 2 725 3 2 5 0 i nf osola rpowe re urope.org /www.s olar p ower eu r op e.or gISBN NUMBER 97 8946 451 86 6 5